Dealmaker: Northmarq Arranges $72 Million for Multifamily
(Axis 2300 Apartments, Irvine, Calif.)
Northmarq arranged $71.6 million for multifamily transactions in California and Tennessee.
Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach, Calif., debt and equity team negotiated a $31.6 million internal refinance of the Axis 2300 Apartments, a 115-unit multifamily property at 2300 Dupont Drive in Irvine, Calif. Northmarq secured the permanent-fixed rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender.
The Class-A property was constructed to condo level specifications in 2010. The property is located west of the 405 Freeway within the Irvine Business Complex submarket. Located in the heart of the Orange County Metro, the property is walking distance to John Wayne Airport and minutes to Newport Beach. It contains oversized studios, 1-, 2- and 3- bedroom floor plans.
“This transaction was a cash out refinance of a Fannie Mae acquisition floater which Northmarq had originated in 2021,” Kane said. “This Green Up loan provided the best pricing for Advanced, and they received credit for the energy savings in underwriting. The cash-out proceeds will be used to install solar panels and additional green improvements.”
Apartment amenities include tall ceilings, stainless steel appliances, gas range, custom cabinets, granite countertops, dual bathroom sinks, walk-in closets, in-unit washer and dryer and urban wood-style flooring. Community amenities include pool, poolside cabanas, sparkling spa, fitness center, BBQ grills, covered parking, wellness certification for air and water purification, on-site and on-call maintenance and bike-storage.
In Tennessee, Northmarq’s David Stollenwerk and Bryan Schellinger of the Nashville office, along with associates Ben Crawford and Brenden Bercaw, arranged $40 million for sale of Addison at Rossview. The apartment community was built in 2016 and is located at 200 Holland Drive in Clarksville. Northmarq represented the seller, a local developer, and procured the buyer.
“Due to a limited supply of Class-A communities in the Clarksville market, Addison at Rossview, with its high-quality amenities, above-market occupancies, and no deferred maintenance, offered a very attractive value to the discerning and informed investor,” Stollenwerk said. “Additionally, Clarksville is a key rental market due to its strong, diverse economy, rapid economic growth, and proximity to Nashville. This community complements the buyer’s existing real estate portfolio.”
Daniel Trebil, executive vice president and regional managing director of Northmarq’s Minneapolis, Minnesota debt/equity office, working with Jesse Lemos, managing director of Northmarq’s Nashville debt/equity office, secured the acquisition financing on behalf of the buyer, Timberland Partners. The 10-year fixed rate loan was structured via Northmarq’s Fannie Mae platform. “Despite the volatile interest rate environment, we were able to secure attractive interest only financing on behalf of our client, allowing Timberland to add another tremendous asset to its portfolio,” Trebil said.
Addison at Rossview comprises 205 one-, two- and three-bedroom apartment homes. The pet-friendly community features a saltwater swimming pool, a dog park and a playground. Each apartment offers nine-foot ceilings, bathrooms with soaker tubs and stainless steel appliances. Apartment amenities include hardwood flooring, kitchen islands, decorative crown molding, nine-foot ceilings, ceramic tile backsplash, stainless steel appliances, hardwood cabinets, granite countertops, luxury bathrooms with soaker tubs, alarm system, exterior storage closets, large walk-in closets and patios/balconies.
